AIG
American International Group, Inc.
stock NYSE

I’ve renewed my revolut car insurance nearly a month. I traded in my car for another 3 days ago. It’s been 3 days and I haven’t got it changed! I have contacted revolut since day 1 and they always say the same thing, we are looking into it, we have passed all information for the provader AIG, but I still have no insurance on my new car. I contacted another insurance company to buy a new insurance and they asked me for a document from Revolut that says I cancelled the policy myself. When I asked if they will provide it for me, Revolut said that the only thing I will have is the screenshot from the app. Has anyone any suggestions on what I can do? I’m still waiting to change the car registration on the policy.

You don’t think there are hidden unregulated derivatives in crypto? It boasts about lack of regulation. Will take your recommendation on movie. I worked for Merrill Lynch before the crisis and still knew and talked to people in the middle of the shitstorm. AIG was ground central

CDOs are lots of things. Mortgage loans, credit card debt, you can put anything in there. And prior to Dodd Frank you could have synthetic positions where a CDO is just default swaps that reference tranches in different entities. The swaps pay out premiums to people who sell the insurance and it functions like collecting interest on a loan. AIG wrote insurance against truckloads of synthetic positions. But they stopped all of that in November 2005.

AIG did. Look at their earnings.

The Big Short got so many things wrong. The parts that quote Steve Eisman from years ago are also wrong, and he has walked a lot of those back.
The "nobody knew" narrative is good for a movie and some of the book but it's not real. John Paulson and other firms were actively shorting housing starting in 2006 and made a lot of money doing it. You actually can't be long without someone taking the other side of the trade. The idea that "everyone was just dumb" has also been walked back by Eisman to clarify saying "Well, I was an equity guy. We didn't mess around in bonds. The bond guys at the structured credit desk knew this stuff in and out. It's just for us equity guys we were learning as we went."
That's a huge departure from the movie. Also depicting the rating agencies as dumb and incompetent is misplaced as well.
The book was a little less dramatic than the movie, but it still took the position of equity guys just going into uncharted territory. The book shows places like Goldman laughing at people shorting housing, but this is false. Goldman was the main party to create the short market for John Pauslon. They weren't laughing at all. That's Hollywood and that's Eisman basically lying.
Nobody wrote a book about John Paulson or Magnetar building a synthetic CDO market and taking the short side of the trade. But we have documents from the Congressional hearings outlining those deals. AIG stopped writing swaps on mezz CDOs in late 2005. That's in the book, but they didn't include that in the movie.